Economy rises on political agenda
The Federal Reserve is all but certain to reduce interest rates at its next meeting as economic concerns rise on the U.S. political agenda, it was reported.
Democrats in Congress and on the 2008 presidential campaign trail are increasingly critical of President George Bush’s handling of the economy, especially as the malaise in housing and credit markets appears to be infecting the greater economy, The New York Times reported Saturday.
The Federal Reserve meets Sept. 18 and economists are debating how much further and faster the Fed will cuts rates after that, the Times reported.
White House officials maintain the economy remains poised for growth despite a government report that seems to show the broader economy is suffering from the mortgage crisis, the Times reported.
“We’re still confident that we’re going to see high growth for next year,” said Edward P. Lazear, chairman of Bush’s Council of Economic Advisers. // Copyright 2007 by United Press International
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